Nayifat Profits Decline 15% to SR50mln in 1Q

Nayifat Finance Co. announced that its profits after zakat and tax decreased 15% to SR 50 million in the first quarter of 2022 compared to SR 58 million during the same period of 2021.

This came after Nayifat Finance announcement on Wednesday of the preliminary financial results for the period ending on 31.03.2022 (three months).

The company’s operational profit declined 16% to SR 54 million in the 1^st quarter of the current year from SR 65 million in the same period of the previous year.

Gross profit of Electrical Industries slipped 4% to SR 90 million in the first quarter of this year from SR 93 million a year ago, while the profit per share (EPS) down to SR 0.5 from SR 0.58.

The reason for decline in net profit is due to decrease in revenue and increase in operating expenses.

The reason for decline in net profit is due to decrease in revenue and increase in operating expenses.